Hedged Forecasted Sale Bectel, Inc. expects to sell merchandise for C$1,000,000 to a Canadian customer at the end of November, 2014. In anticipation of this forecasted transaction, on August 30, 2014, Bectel sold C$1,000,000 forward for delivery on November 30, 2014. Bectel made the sale as expected on November 30, and settled the forward contract. Relevant exchange rates ($/C$) are as follows:

Required
Prepare the journal entries made by Bectel on November 30 concerning the above events. Assume Bectel is a calendar-year company.

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August 30 $0.98 1.02 November 30 Spot rate. Forward rate for delivery on November 30, 2014 $1.03 1.03